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Import Fidelity Tax Information Into TurboTax®

If you are a Fidelity customer and use TurboTax®, you may be able to import certain information directly from your account into the software. Here’s how.

What information you can import

While you can't import all of your Fidelity or NetBenefits information directly, you can import some of the most useful information needed to prepare your tax return. The account types and specific information available for download are:

  • Brokerage and other nonretirement accounts: 1099 and other cost basis information.
  • Individual retirement accounts (such as IRAs): 1099-R distribution information.
  • If Fidelity processes your paycheck: W-2 information.

The tabs below provide more details on how you can import each type of information.

Note: Not all Fidelity account information can be imported directly into TurboTax®. For example, information on institutional retirement plan accounts serviced by Fidelity Employer Services Company LLC (including 401(k) accounts) and annuity or life insurance contracts cannot be imported. The information from these accounts must be entered into TurboTax® manually.

When to import your information

Most customers can import their tax information from Fidelity beginning February 2, 2015. It's important to wait until you have received the corresponding tax reporting statement from Fidelity, either by mail or eDelivery, before you import the information into TurboTax®. This will allow you to compare the information to the official forms to ensure you have complete information for your return. It also allows you to make any adjustments that might be necessary.

For Active Traders and very high incomes

If you're an active trader, the online version of TurboTax® may not have the data capacity you need to successfully import all your information. We recommend using either the CD version or installing the software directly onto your computer. Extremely active traders may find that the CD version does not have adequate capacity.

In addition, TurboTax® limits the number of digits in any entry field to nine. This includes the cents to the right of the decimal point. Any amount greater than $9,999,999.99 will not be imported into TurboTax®. Please review your return if you receive an error message while importing.

If you have a Fidelity brokerage or other nonretirement account, you may be able to import your 1099 and other cost basis information directly into TurboTax®.

Specific statement information you can import:

  • 1099-DIV Dividends and Distributions
  • 1099-INT Interest Income
  • 1099-MISC Miscellaneous Income, except for Line 3 (Other income)
  • 1099-B Proceeds from Broker and Barter Exchange Transactions
  • 1099-OID Original Issue Discount

Note: Data imported from certain forms may need to be further adjusted (details below).

When this tax information will be available

All direct imports of information should be conducted only when you have received the corresponding statement from Fidelity by mail or eDelivery.

To find out when your form will be available, please see Fidelity's tax form mailing schedule.

How to import your information

Once you receive your 1099 statement by mail or through eDelivery, have it available to verify the imported information. Follow these simple steps:

  1. Enter your Social Security number (SSN), taxpayer identification number (TIN), or username, and then your password. When asked where to import information from, select Fidelity Investments and enter the same information that you use to log on to Fidelity.com. Then, the tax information available for each of the accounts associated with your SSN should appear.
  2. Review the account numbers listed next to each tax form. The information from these tax forms is available for you to import from Fidelity. Nonretirement and retirement accounts will be included in this list, as well as accounts that you have access to on Fidelity.com using your SSN (or username) and password.
  3. Select the nonretirement accounts from which you wish to import tax information and follow the instructions in TurboTax®.

    Once imported, TurboTax® products should then help you:
    • Report the information on certain sections of the federal income tax return(s) you prepare automatically using TurboTax®, or
    • Determine how the information should be reported on the federal income tax return(s) you prepare using TurboTax®.
  4. Repeat this process to import Fidelity account tax information from accounts that are not linked to your SSN.
  5. Before filing your tax return, compare all the information you imported and reported on your tax return carefully against the official tax forms which Fidelity made available to you via eDelivery or by mail. Make sure all items on those forms have been appropriately accounted for and adjusted as necessary based on your individual tax situation.

About the imported data

This import is not a substitute for your Form(s) 1099 tax statement. The import containing your tax information is based on information known to Fidelity, or, in some instances, information that you have provided to Fidelity. In certain instances, the imported data may not reflect all of the information needed for tax reporting. You may be required to modify, delete, or otherwise act upon some or all of the information that you import from Fidelity. For example, certain information will be imported but will require that you choose how it should be accounted for on your federal income tax return. You may also need to make further adjustments for other events or items not tracked by Fidelity.

The tax information import function downloads information from Fidelity into your TurboTax® return and does not always place that information directly into the federal income tax return. It is essential that you complete the review processes (in Step 3 above) contained within TurboTax® in their entireties to ensure that you report all Fidelity information correctly to the IRS.

Additionally, be sure to verify the information that you import against your own records to ensure accurate and complete reporting of all required tax information on your federal income tax return. Although Fidelity is providing the tax information import as a courtesy service, Fidelity does not guarantee that the information provided is entirely sufficient or accurate for tax reporting purposes, and Fidelity is not liable for your reliance on, and use of, the import feature.

If you have specific questions regarding the preparation of your tax return, contact your tax advisor or the IRS.

Notes about importing specific data

For updates on how Fidelity reports transactions on the 1099 statement for the most recent tax year, including cost basis and additional action you may need to take on Alternative Minimum Tax (AMT) information (1099-DIV and 1099-INT), see the Form 1099 guide for brokerage accounts or Form 1099 guide for mutual fund accounts.

For additional information about how Fidelity reports cost basis, see also Form 1040, Schedule D guide for capital gains and losses.

Other specific information that may be useful to some filers:

  • Form 1099-MISC

    Beginning with tax year 2013, Fidelity has included Line 3 (Other income) of Form 1099-MISC in the (1099) consolidated Tax Reporting Statement. In prior years, it was mailed separately. Nevertheless, despite this addition, you must still manually enter the information into TurboTax®, as it is not yet part of the TurboTax® Import feature. There are many types of "Other Income," and different rules may apply depending on the type of income you receive. The amount on Form 1099-MISC, Line 3 is often reported on the "Other Income" line of Form 1040 along with a description that identifies it. See IRS Publication 525, Taxable and Nontaxable Income, the instructions for your tax return, and/or consult your tax advisor for information on how to report "Other Income" on tax returns and whether you can or cannot claim any offsetting deductions.

  • Call option transactions

    If you wrote (sold) a call option during 2014, the sale proceeds will be included in the data imported into your TurboTax® return. If the option was open as of December 31, 2014, you may need to edit the imported data to compute your tax liability properly.

  • Cost basis for contingent debt instruments

    For contingent debt instruments, your TurboTax® import does not display certain adjustments to estimated cost basis and the associated gains and losses, including adjustments for premium, acquisition premium or discount, or accreted Original Issue Discount (OID), as it might for other fixed income instruments. For transactions involving contingent debt instruments, you will need to refer to your Tax Reporting Statement and/or your own cost records to complete your tax return.

  • Cost basis for other fixed income instruments

    Estimated adjusted cost basis and associated gains and losses displayed in your Tax Reporting Statement and imported into your TurboTax® return may not reflect all adjustments necessary for tax reporting purposes and may also not apply if you are using an amortization calculation method that differs from the one Fidelity uses. You should verify the adjusted cost basis and associated gain/loss information provided by Fidelity against your own records when determining the proper amounts to use for tax-reporting purposes. Consult your tax advisor and/or refer to IRS Publication 550, Investment Income and Expenses, for additional information.

    You may also need to adjust the amount of original issue discount (OID) interest reported by Fidelity. Refer to IRS Publication 1212, Guide to Original Issue Discount Instruments, to determine the correct OID amount to report on your tax return.

    Amortization, accretion, and similar adjustments to cost basis are not provided in your Tax Reporting Statement (and are not imported into your TurboTax® return) for certain fixed income securities, such as short-term instruments, unit investment trusts, foreign fixed income securities, or securities that are subject to early prepayment of principal (pay downs). For transactions relating to these securities, you will need to refer to your own records to complete your tax return.

  • Foreign fixed income securities

    Fidelity does not import into TurboTax® any cost basis or realized gain/loss information in a foreign currency for any fixed income security that, according to Fidelity's records, you've made any purchase or sale of in a currency other than USD. For these securities, you will need to refer to your Tax Statement and your own records to determine your cost basis and realized gain/loss. You will also need to refer to your own records to determine whether any of these securities is denominated in a currency other than USD or makes a payment calculated by reference to the value of a currency other than USD, and if so what (if any) portion of your realized gain/loss is treated as ordinary income/loss. You will then need to input the appropriate information into the relevant section(s) of your tax return.

  • Wash sales

    Be sure to refer to your Tax Reporting Statement and your own records to confirm that all wash sales are reported and categorized appropriately on your tax return and any cost basis and holding period adjustments from prior wash sales are appropriately recorded in your tax records.

  • Index option contracts

    If you own Section 1256 index option contracts, you'll need to manually enter any reportable information into TurboTax®.

More help understanding your statement information

For more about 1099 information Fidelity provides for nonretirement accounts, consult the applicable pages before filing your return:

You may also wish to consult your 2014 year-end Investment Report, which is sent to many customers in late January 2015 and is also available under Statements in the Accounts and Trade tab of Fidelity.com.

You may also wish to consult IRS Publication 550, Investment Income and Expenses.

If you took a distribution from a Fidelity retirement account (such as a Traditional or Roth IRA), you may be able to import your 1099-R information directly into TurboTax®.

Please note that the ability to import 1099-R information is not available for institutional retirement accounts (such as 401(k) or 403(b) plans) or insurance contracts distributed through Fidelity. Such tax information must be manually entered into TurboTax®.

When this tax information will be available

All direct imports of information should be conducted only when you have received the 1099-R from Fidelity by mail or eDelivery.

To find out when your form will be available, please see Fidelity's tax form mailing schedule.

How to import your information

Once you receive your 1099-R statement by mail or through eDelivery, have it available to verify the imported information. Follow these simple steps:

  1. Under Retirement Plans and Social Security in TurboTax®, choose IRA, 401(k), Pension Plan Withdrawals (1099-R). When asked where to import information from, select Fidelity Investments and enter the same information that you use to log on to Fidelity.com. The tax information available for each of the accounts associated with your SSN should appear.
  2. Review the account numbers listed next to each tax form. The information from these tax forms is available for you to import from Fidelity. Nonretirement and retirement accounts will be included in this list, as well as accounts that you have access to on Fidelity.com using your SSN (or username) and password.
  3. Select the IRAs from which you wish to import tax information and follow the instructions in TurboTax®.

    Once imported, TurboTax® products should then help you:
    • Report the information on certain sections of the federal income tax return(s) you prepare automatically using TurboTax®, or
    • Determine how the information should be reported on the federal income tax return(s) you prepare using TurboTax®.
  4. Repeat this process to import Fidelity account tax information from accounts that are not linked to your SSN.

Before filing your tax return, compare all the information you imported and reported on your tax return carefully against the official tax forms which Fidelity made available to you via eDelivery or by mail. Make sure all items on those forms have been appropriately accounted for and adjusted as necessary based on your individual tax situation.

About the imported data

This import is not a substitute for your Form(s) 1099-R tax statement. The import containing your tax information is based on information known to Fidelity, or, in some instances, information that you have provided to Fidelity. In certain instances, the imported data may not reflect all of the information needed for tax reporting. You may be required to modify, delete, or otherwise act upon some or all of the information that you import from Fidelity. For example, certain information will be imported but will require that you choose how it should be accounted for on your federal income tax return.

The tax information import function downloads information from Fidelity into your TurboTax® return and does not always place that information directly into the federal income tax return. It is essential that you complete the review processes (in Step 3 above) contained within TurboTax® in their entireties to ensure that you report all Fidelity information correctly to the IRS.

Additionally, be sure to verify the information that you import against your own records to ensure accurate and complete reporting of all required tax information on your federal income tax return. Although Fidelity is providing the tax information import as a courtesy service, Fidelity does not guarantee that the information provided is entirely sufficient or accurate for tax reporting purposes, and Fidelity is not liable for your reliance on, and use of, the import feature.

If you have specific questions regarding the preparation of your tax return, contact your tax advisor or the IRS.

More help understanding your statement information

To learn more about the information Fidelity provides on Form 1099-R for individual retirement accounts, annuity and life insurance products, consult the applicable tax guides:

You may also refer to the IRS Instructions on the back of 1099-R for additional information regarding this tax form. These instructions are also available by clicking on "Info," when viewing your form online.

Fidelity reports the gross distribution amount as well as the amount of any federal or state withholding tax. Fidelity does not report or calculate the taxable amount of the distribution. Refer to IRS Publications 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans), and 571, Tax-Sheltered Annuity Plans (403(b) Plans), to help calculate the taxable amount of your distribution. Please consult your tax advisor for more information.

If your paycheck is processed by Fidelity and you have access to Fidelity NetBenefits®, you may be able to import your W-2 information directly into TurboTax®.

When this tax information will be available

All direct imports of information should be conducted only when you have received your W-2 from Fidelity by mail or eDelivery.

To find out when your form will be available, please see Fidelity's tax form mailing schedule.

How to import your information

Once you receive your W-2 by mail or through eDelivery, have it available to verify the imported information and follow these simple steps:

  1. Enter your Employer Identification Number. Next, select Fidelity Investments NetBenefits® and enter the same Social Security number (SSN) or username and password that you use to log on at netbenefits.fidelity.com. Follow the steps in TurboTax® to import your information.
  2. Fidelity will provide the tax information for all W-2s associated with your SSN that are processed by Fidelity. To complete this process, simply choose the W-2 information you want to import.
  3. Repeat this process to import W-2 information for each taxpayer filing a joint return with W-2 information in NetBenefits.
  4. Be sure to carefully review all of the information that you import with your own records. This import is not a substitute for your official W-2 tax forms, which are sent to you under separate cover. In certain instances, the imported data may not reflect all of the information needed for tax reporting.
  5. Once imported, TurboTax® products should then help you:
    • Automatically report the information on certain sections of the federal income tax return(s) you prepare using TurboTax®, or
    • Determine how the information should be reported on the federal income tax return(s) you prepare using TurboTax®.

About the imported data

The import containing your tax information is based on information known to Fidelity or, in some instances, information that you have provided to Fidelity. This information may not include all adjustments necessary to be made prior to use of the information in the preparation of your tax return.

It is important to understand that the tax information import function downloads information from Fidelity into your TurboTax® return and does not place that information directly into Form 1040. It is essential that you complete the review processes contained within your tax preparation software in their entireties (step 4 above) to ensure that all Fidelity tax information is correctly reported to the IRS. You may be required to modify, delete, or otherwise act upon some or all of the information that you import from Fidelity. For example, certain information will be imported, but will require that you choose how it should be accounted for on your Form 1040.

Be sure to verify the information that you import against your own records to insure accurate and complete reporting of all required tax information on your federal income tax return. Although Fidelity is providing the tax information import as a courtesy service, Fidelity does not guarantee that the information provided is entirely sufficient or accurate for tax reporting purposes, and Fidelity is not liable for your reliance on, and use of, the import feature.

More help understanding your W-2 information

If you have specific questions regarding your W-2 or the preparation of your tax return, contact your tax advisor or the IRS.

You can also log in to NetBenefits for more information and a list of common questions and answers regarding your W–2. After you log in, select the HR & Paycheck tab and click on Frequently Asked Questions.

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Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

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Software products are provided as a convenience to you, and Fidelity bears no responsibility for your use of, and output associated with, such products. The information and products made available to you are not intended to be, and should not be construed as, legal or tax advice or a legal opinion.
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Intuit® 
The use of the TurboTax® branded tax preparation software and web-based products is governed by Intuit's applicable license agreements. Intuit, the Intuit logo, TurboTax® and TurboTax® Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries and are used with permission. Intuit is not affiliated with Fidelity Brokerage Services (FBS) or their affiliates. Intuit is solely responsible for the information, content and software products provided by Intuit. Fidelity cannot guarantee that the information and content supplied is accurate, complete, or timely, or that the software products provided produce accurate and/or complete results. Fidelity does not make any warranties with regard to the information, content or software products or the results obtained by their use. Fidelity disclaims any liability arising out of your use (or the results obtained from, interpretations made as a result of, or any tax position taken in reliance on information provided pursuant to, your use) of these Intuit software products or the information or content furnished by Intuit.

See Intuit’s terms of service.

GainsKeeper®
The use of GainsKeeper branded products is governed by Wolters Kluwer Financial Services (Wolters Kluwer) applicable license agreements. GainsKeeper and the GainsKeeper logo are registered trademarks and/or service marks of Wolters Kluwer. Wolters Kluwer is not affiliated with Fidelity Brokerage Services (FBS) or their affiliates. Wolters Kluwer is solely responsible for the information, content and software products provided by it. Fidelity does not explicitly or implicitly endorse or approve such information, content or products. Fidelity cannot guarantee that such information and content supplied is accurate, complete, or timely, or that the software products provided produce accurate and/or complete results. Fidelity does not make any warranties with regard to the information, content or software products or the results obtained by their use. Fidelity disclaims any liability arising out of your use (or the results obtained from, interpretations made as a result of, or any tax position taken in reliance on information provided pursuant to, your use) of these Wolters Kluwer software products or the information or content furnished by Wolters Kluwer.

TradeLog®
The use of TradeLog branded products is governed by Armen Computing Ltd. (Armen) applicable license agreements. TradeLog and the TradeLog logo are registered trademarks and/or service marks of Amren. Armen is not affiliated with Fidelity Brokerage Services (FBS) or their affiliates. Armen is solely responsible for the information, content and software products provided by it. Fidelity does not explicitly or implicitly endorse or approve such information, content or products. Fidelity cannot guarantee that such information and content supplied is accurate, complete, or timely, or that the software products provided produce accurate and/or complete results. Fidelity does not make any warranties with regard to the information, content or software products or the results obtained by their use. Fidelity disclaims any liability arising out of your use (or the results obtained from, interpretations made as a result of, or any tax position taken in reliance on information provided pursuant to, your use) of these Armen software products or the information or content furnished by Armen.

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